Form CM-1 Offer in Compromise - Hawaii

What Is Form CM-1?

This is a legal form that was released by the Hawaii Department of Taxation - a government authority operating within Hawaii. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form CM-1?A: Form CM-1 is an Offer in Compromise form used in Hawaii.

Q: What is an Offer in Compromise?A: An Offer in Compromise is a tax settlement program where taxpayers can negotiate with the IRS to settle their tax debt for less than the full amount owed.

Q: Who can use Form CM-1?A: Form CM-1 is used by individuals or businesses in Hawaii who want to make an Offer in Compromise to the Hawaii Department of Taxation.

Q: What information is required on Form CM-1?A: Form CM-1 requires information about the taxpayer's identity, tax liabilities, financial assets, and income.

Q: Is there a fee for submitting Form CM-1?A: Yes, there is a non-refundable $25 application fee for submitting Form CM-1.

Q: How long does it take to process Form CM-1?A: The processing time for Form CM-1 varies, but it generally takes several months for the Hawaii Department of Taxation to review and make a decision on an Offer in Compromise.

Q: Can I submit Form CM-1 electronically?A: No, Form CM-1 cannot be submitted electronically. It must be printed, completed, and mailed to the Hawaii Department of Taxation.

Q: What happens if my Offer in Compromise is accepted?A: If your Offer in Compromise is accepted, you will be able to settle your tax debt for the agreed-upon amount and the remaining balance will be forgiven.

Q: What happens if my Offer in Compromise is rejected?A: If your Offer in Compromise is rejected, you will need to explore other options for resolving your tax debt, such as setting up a payment plan with the Hawaii Department of Taxation.